Tens of thousands of self-employed workers have used HM Revenue & Customs\u2019 (HMRC) Time to Pay service to spread out tax bills, the latest figures have revealed.<\/p>\n
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The Time to Pay facility has offered a lifeline to those who may struggle to pay their tax bill in full in the wake of the coronavirus pandemic.<\/p>\n
Since April this year, more than 20,000 Self Assessment customers have set up a monthly payment plan to spread out some \u00a346 million in Income Tax and National Insurance Contributions (NICs).<\/p>\n
The Time to Pay service enables self-employed business owners and landlords to manage tax bills worth up to \u00a330,000 without speaking directly to HMRC.<\/p>\n
Through the service, taxpayers can create a bespoke monthly payment plan based on how much tax is owed and the length of time needed to pay.<\/p>\n
At the height of the coronavirus pandemic, a record 123,000 customers used the service to spread the cost of their 2019\/20 tax bill, worth an estimated \u00a3460 million.<\/p>\n
Commenting on the figures, Myrtle Lloyd,\u00a0HMRC\u2019s Director General for Customer Services, said: \u201cWe understand some customers might be worrying about paying their Self Assessment bill this year, and we want to support them. To see if you\u2019re eligible to set up a payment plan, go to GOV.UK and search \u2018pay my Self Assessment\u2019.\u201d<\/p>\n
Can I set up a Time to Pay arrangement?<\/strong><\/p>\n If you can\u2019t pay your tax bill in full, you may set up a Time to Pay arrangement providing you:<\/p>\n\n